Recently our President Mark Edmondson sat down with Andrew Moyser, Partner at MHA MacIntyre Hudson, and questioned him about how he thinks the latest accounting technology is transforming the industry.
You can watch our full conversation above, and here’s our pick of the highlights:
Clients’ expectations are changing
Andrew believes that today’s cutting-edge software has led organisations to expect more from their audits than ever before.
“Client expectations are changing. It’s no longer acceptable to continue to produce the same audit file you produced last year”, explains Andrew.
“Clients are demanding [the latest] techniques, and you’ve got to start looking at this process now”, he adds.
With clients looking for “more and more value”, Andrew says “it’s through the use of [software like Inflo] that you can enhance the client experience and client engagement going forward.”
In fact, he believes that “if you don’t take the initiative to start moving forward, you’re going to be left behind”. He warns that you might even “see your clients attacked from other firms who are using these new techniques”.
So, the first key takeaway from our conversation with Andrew is to get started with the next generation of accounting technology, whether you feel ready or not.
For tips on how to start experimenting with the latest techniques in your firm, watch our conversation with Adam Grainer from Baker Tilly International, where he touches on exactly that.
A lot of firms out there think of data analytics as the ability to cut costs on files and not many appreciate that this is a far bigger piece. This is about how you increase your audit quality, how you add value, and how you transform to the new norm.
Data analytics is about much more than cutting costs
In Andrew’s opinion, the true value of technology like Inflo isn’t the cuts in the cost of producing an audit. While reduced costs are a plus for any business and one firms will benefit from straight away, he believes the true value is the increase in the quality of the outputs.
“A lot of firms out there think of data analytics as the ability to cut costs on files, and not many firms appreciate that this is actually a far bigger piece”, Andrew explains. He thinks the big picture that firms should be focussing on is “how you increase your audit quality, how you add value, and how you transform to the new norm”.
We couldn’t agree more, and we touched on very similar points when we revealed how to improve the client experience (and income fees) with the latest technology.
The upcoming opportunity to make the audit quarterly
“The profession is changing at a rapid pace”, says Andrew, before explaining that he thinks the introduction of Making Tax Digital is going to be the perfect opportunity to use software like Inflo to provide quarterly audits to your clients.
Andrew explains: “We’ve got Making Tax Digital coming on board, and what clients are focussed on is making sure they’re reporting the right figures at the right time on a regular basis.
“I think without question there’s lots of opportunity to provide that value outside of the main yearly audit test that you may do, and I think personally think the Making Tax Digital piece – particularly focussed around the VAT – is actually going to provide an opportunity for us to provide a client with quarterly audits.”
With businesses mandated to use the Making Tax Digital for Business system by April 2019 to meet their VAT obligations, this is the perfect opportunity to set yourself apart from the firms not utilising the latest technology.
Watch the video above to take a deep dive into our conversation and get an insight into the thoughts of one of the UK’s most respected accountants.